More on the Death of Dewey-Orrick
Via the WSJ Law Blog, here's the text of the two firms' joint statement:
Orrick, Herrington & Sutcliffe LLP and Dewey Ballantine LLP have jointly decided to end merger discussions. Both firms are successful, global firms that saw great potential in a combination. However, a combination of this size and scope posed significant challenges. While both firms tried their best to work through these challenges, we were unable to bring the merger to completion. No one issue led us to this point, and each firm leaves this process with great respect for the leaders and partners of the other.
This is very bad news for Dewey. Uncertainty in the wake of the merger caused several of their top partners, including leading M&A lawyers, to leave for other firms. So Dewey is now worse off than it was before the announcement of the merger -- and now without a merger partner.
At first we thought: Orrick is like a Lothario who seduced Dewey, gave her a loathsome disease, and then dumped her.
But then a Dewey tipster told us:
The word is that Orrick is unhappy with the M&A partners who have left. Mort [Pierce] asked [Ralph] Baxter to come up with a counter proposal, but Baxter [didn't produce an adequate alternative].
So now we think: Orrick is like a Lothario who seduced Dewey, gave her a loathsome disease, and then dumped her. When Dewey asked Orrick, "Why are you dumping me?", Orrick responded: "Why would I want you? You're damaged goods. And you have a loathsome disease!"
Earlier: Prior coverage of the Dewey-Orrick merger (scroll down)
(1) Comments
Obviously, the "Dewy Orifice" nickname is what really derailed it. That's what they mean by "significant challenges."
They were going to call it Dewey Orrick, and although the Orrick people weren't entirely happy with having the Orrick name second, they made the concession as an act of good faith.
Then the Dewy Orifice nickname surfaced, and the Orrick people thought better of their concession.
Post after post piled up, and the Orrick people tried to reopen the question of what the new firm's name would be.
Then the Dewey people got upset at the Orrick people for trying to fight old battles, and negotiations broke down. Every time the Dewey people asked for concessions, they were shouted down at meetings with cries of "Dewy Orifice," or told to take their proposals and put them into orifices, or something along those lines.
Finally, both sides had had enough, and decided that the best solution was to walk away from the table.
The "great respect" comment is an admission that the name calling came from both sides.
....at least that's what I imagine happened. I actually have no idea, but I'm sure the real story is much less interesting.